Catt Gravitt, Jon Stone Win Big at SESAC Nashville Music Awards
Catt Gravitt, Jon Stone Win Big at SESAC Nashville Music Awards

SESAC's owners, which include investment bank Allen & Co. and hedge fund Och-Ziff, are seeking approximately $500 million for performing-rights organization, according to the New York Post. The organization has hired Goldman Sachs to shop it, the report says. It had previously put itself up for sale for $700 million, but found no takers.

The PRO, which was founded in 1930 but has always operated in the shadow of the dominant, not-for-profit ASCAP and BMI, began beefing up its presence during the 1990s and has brought on Bob Dylan, Lady Antebellum, Swizz Beatz and others since that time.

Along with private-equity firms , Warner Music are reportedly considering bidding for SESAC, although the potential complications and conflicts involved in the organization being owned by a major label are significant.

At press time, neither SESAC nor Warner had commented on the matter. Billboard.biz will have more on this story as it develops.